Federal Land Asset Inventory Reform Act of 2005 - Directs the Secretary of the Interior to develop a multipurpose cadastre of Federal real property (an inventory of real property of the Federal Government developed through the collection of geographical and digital data depicting natural or man-made physical features, phenomena, and boundaries of the earth and any related information) to assist with Federal land management, resource conservation, and development of real property, including any Federal land which is no longer required to be owned by the Government. Authorizes the Secretary to enter into cost-sharing agreements with States to include any non-Federal lands in a State in such cadastre. Limits the Federal share of any such agreement to 50 percent of the total cost to a State for the development of the cadastre of the non-Federal lands in the State.
Requires the Secretary to submit a report on: (1) the existing real property inventories or any components of any cadastre currently authorized by law or conducted by the Department of the Interior; (2) the inventories and components that will be or will not be eliminated or consolidated into the multipurpose cadastre authorized by this Act; (3) the cost savings that will be achieved; and (4) recommendations for any legislation necessary to increase cost savings and enhance the effectiveness and efficiency of replacing, eliminating, or consolidating real property inventories or any components of a cadastre currently authorized by law or conducted by the Department of the Interior.